Oil and Gas Prices - Explanation

Less production during the last administration due to low demand

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Increased money supply from both the last and current administration

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Increase demand due to end of covid regulations

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Current administration won't allow new drilling and canceled pipelines

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World power who is the major supplier of oil and gas to Europe is at war with basically the pipeline of oil and gas to Europe.

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Speculators Speculate

Well we were entergy independent under Trump and as soon as Pedo Joe was inaugurated he shut down oil and gas manufacturing and the Keystone pipeline that would have sent oil from Canada. The argument they make is they didn’t shut anything down. The cause is the O&G industry doesn’t want to drill. Well they may be true because of all the restrictions he put on them does not it cost effective for companies to produce it

Just on one thing he did (of many):

The XL Pipeline was going to bring in close to 1mln barrels per day of Canadian crude . That would be TWICE the 180mln barrel SPR release FJB ordered done to lower oil prices ( massive fail) . Keep that in mind that and to this day he refuses to change his mind on it.

And to drive point home he depleted our SPR to record lows and now is going to spend $110 per barrel to replenish it. Its criminal the damage done. Won’t allow new drilling. Won’t approve leases.

Has done everything to kill economy and US oil industry.

Is anyone really that out of touch with whats going on or are they trolling. I guess if one only watches MSM that would explain things.

Two things directly related to the president:

1.) Regulation. The administration has made it more difficult and expensive to start or increase operations

2.) He has been on the record as wanting to destroy the industry. It takes a lot of money and time to dedicate to starting drilling or refining. Companies are scared to commit to that investment when government is literally telling them that they are going to make it as hard and expensive as possible. That causes supply to not keep up with demand.

Oil operates in an open commodities market. If there is a fear that Supply will be constrained in the future, prices rise today. Biden has made his threats credible with actions. ESG has deterred private investment. Exogenous shocks (i.e. war) have jolted the energy markets.

Energy, unlike most other commodities, is an underlying cost in most markets. This is why you don’t frick with energy markets. Progressives believe they know best - for policy and for everyone - and have ignored this point at our cost. The media covers for them, but society pays the price.

Shutting down the pipeline also hurt our allies in Canada. They were looking forward to the money as well. That wasn't enough though, so Biden decided to double the lumber tariffs from Canada.

We have some freedom loving boys up north who are undergoing this same treatment, and are equally pissed.